Use the Table Below to Answer the Following Questions

question 81

Multiple Choice

Use the table below to answer the following questions.
Table 21.3.1
Suppose a simple economy produces three goods only.
The price and output data for some selected years are shown below.

-Refer to Table 21.3.1. The reference base period is 2002. Which one of the following statements is true?

• A)From 2002 to 2014, the cost of the market basket rose by 58 percent.
• B)It costs 158 times more in 2014 than it does in 2002 to buy the same market basket.
• C)All prices have risen by the same amount.
• D)The inflation rate in 2014 is greater than the inflation rate in 2002.
• E)The inflation rate in 2002 is greater than the inflation rate in 2014.

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Definitions:

Hijackers

Individuals who unlawfully seize control of a vehicle, such as a plane or ship, often to reach a particular goal or demand.

Hydrocarbon Combustions

The chemical process in which hydrocarbons react with oxygen to produce carbon dioxide, water, and heat.

Nitroglycerin Explosions

The sudden and violent release of energy due to the rapid decomposition of nitroglycerin, a highly explosive chemical compound used in dynamites and propellants.

Activation Energy

The minimum amount of energy that must be provided to compounds to result in a chemical reaction.